Chainlink LINK Tests Critical $21 Support After Third Rejection at $26 Resistance

Chainlink's LINK token has faced rejection at the $26 resistance level for the third time this quarter, despite growing speculation about a potential ETF. The cryptocurrency now approaches a crucial test at the $21 support level, where Fibonacci retracement levels and volume-weighted average price converge.

Market technicians highlight that the $21 zone represents a make-or-break level for LINK's bullish structure. Holding above this confluence could validate the higher-low pattern, while a breakdown may trigger accelerated selling. TradingView charts indicate declining volume on recent upside attempts, suggesting weakening momentum.

The market appears to be consolidating NEAR the value area high before determining its next directional move. Institutional traders are reportedly monitoring the $21 level for potential accumulation opportunities, with some OTC desks noting increased hedging activity in LINK derivatives.